Abstract:
The paper examines the effect of oil and gas revenue on the economic growth of Nigeria, the objective of the study was to examine the impact of oil revenue on the economic growth in Nigeria and to evaluate the relationship between oil revenue and economic growth in Nigeria. Using data generated from ex-post factor research design and subjective to descriptive analysis, a sample size of 18years between year 2000 and 2017 was used. In which Nigeria Oil Revenue the period was censored. Ordinary Least Square (OLS) regression method of analysis was employed in carrying out the analysis. Findings from the study showed that the coefficient is negative, even though it has a positive relationship with economic growth in the long-run as revealed by the Regression result. This variable is expected to have positive relationship with economic growth both in the short run and in the long-run. The positive relationship between the two variables signifies that revenue generated from oil has formed the major source of revenue in Nigeria.. The study recommends that Government should use the revenue generated from petroleum, to invest in other real sectors such as the Agricultural and manufacturing sector in order to expand the revenue source of the economy and also increase the revenue among others.
